How to Sell, Buy and Finance Condominiums?

Over the past seven weeks, I had been sharing information on Wednesdays about buying, selling, and financing condominiums. My goal was to address a concern that many real estate agents may not be aware of the challenges in financing and qualification for condo buyers.

A recent article on the front page of The Wall Street Journal, “A Secret Mortgage Blacklist Leaves Condos Unsellable,” highlights the issues disrupting mortgage lending. I have firsthand experience with these challenges.

For example, we financed eleven mortgages for the Millennium Tower Building and found lenders for condo projects with adequate insurance coverage. We even worked on a project that required balcony repairs due to an engineering report (SB 326), and I was able to find a lender that didn’t require the work to be completed before closing.

Before presenting offers, it’s essential to understand the project’s status. As an example, after Edwina, a listing agent, sent me the condo address and the project name, I forwarded that information to a number of lenders and received the following response: “We can do this loan on limited review”. In other words, the project requires approval by Fannie Mac and extra time is needed for financial contingency. In the meantime, I’ve prepared the attached flyer for you to look at. Click on this link to review.

You are also welcome to send me your listing information and I will gladly prepare similar flyers for you.

Feel free to call me: (415)225-7920,
or email to: [email protected]

Best wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630